EURUSD Daily Analysis – November 21, 2016

EURUSD’s downward movement from 1.1299 extended to as low as 1.0569. Resistance is at the downward trend line on 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue, and further decline to test 1.0462 (Mar 13, 2015 low) support is possible. On the other side, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.0569 already, then the following upward movement could bring price back to 1.0800 zone.

eurusd chart